Patanjali Foods Shares Freeze: Shares of Baba Ramdev’s well-known company Patanjali Foods have been frozen. This step has been taken due to non-compliance of SEBI rules. In fact, Patanjali could not comply with the provision of minimum public shareholding within the three-year deadline, due to which the company’s shares have been frozen. After this step taken by SEBI, Patanjali Foods has said that this step of the stock markets will not affect the regular functioning of the company. Explain that the stock exchanges have frozen only the shares of the promoters in Patanjali Foods.
What is the whole matter?
Explain that SEBI has a provision that if any company is listed in the stock market, then at least 25 percent of the shareholding in that company should be of the public. According to the data, public shareholders in Patanjali Foods hold 19.18 per cent shares of the company as on December 31, 2022, which is against the minimum public shareholding provision.
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Statement made by Patanjali Foods
After the shareholders were frozen, it has been said on behalf of the company that they tried their best to comply with the rules within the stipulated time frame. In March 2022, the company sold shares worth Rs 4300 crore through a public offer, after which the company’s shareholding increased to 19.18 per cent. It was further said on behalf of the company that due to adverse conditions after the arrival of Kovid, public shareholding could not be done during this time period, but soon this rule will be fulfilled.
Shares worth crores were frozen
Stock exchanges have frozen promoters’ shares in Patanjali Foods. The number of these shares is 292.58 million. This is 80.82 percent of the company’s shares. The frozen shares belong to 21 promoter entities. The company has also informed that the company has received emails from BSE and NSE. Let us tell you that Patanjali Ayurveda is the largest shareholder of Patanjali Foods. Patanjali Ayurveda also has 39.4 per cent stake in Patanjali Foods which has been frozen. Not only this, Acharya Balakrishna also has a stake in Patanjali Foods and this stake has also been frozen.
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